The Korean government says that 28 crypto exchanges have met the official requirements to continue the operation
The Korean government says that 28 crypto exchanges have met the official requirements to continue the operation
The deadline for the exchange of cryptocurrencies in order to meet the requirements for the continuation of business in accordance with the new crypto regulations in South Korea. According to reports, a total of 28 cryptocurrency exchanges were released by the supervisory authorities in order to remain open. However, only four crypto exchanges have met the prerequisites to offer the trade with Korean Won.
28 cryptocurrency exchanges meet regulatory requirements
South Korea's tax authorities have published a list of 28 cryptocurrency exchanges that have met the regulatory requirements in order to remain open beyond September 24th in accordance with the new crypto regulations of the country.
The changed law on the notification and use of specified financial transaction information requires that cryptocurrency exchanges will receive a certification of the information security management system (ISMS) by September 24 and report the Financial Intelligence Unit (FIU), a department of the Financial Services Commission (FSC). Crypto borns that do not do this have to hire the company by September 24th.
Jeon Yo-Seop, head of the FIU planning and coordination office, explained this in view of the approaching period:
It is unlikely that there will be other certified trading platforms for virtual assets.
The 28 ISMS-certified exchanges include Gopax, Upbit, Korbit, Coinone, Bithumb, Hanbitco, Casherest, Tennten, Dove Wallet, Flybit, Gdak, Aprobit, Huobi, Coin & Coin, Probit, Borabit, Coredax and OkBit.
So that crypto exchanges can offer the trade in Korean Won (KRW), they also have to work with banks to offer customers deposit/withdrawal accounts to verify the real name.
So far, only the four most important crypto exchanges in the country-Upbit, Bithumb, Coinone and Korbit-partnerships with banks that are reluctant to work with crypto exchanges due to risks such as money laundering.
crypto companies that have no bank partners to provide deposit/withdrawal accounts to verify the real name must set the trade on the KRW market, even if they have received an ISMS certification. This means that 24 of the 28 stock exchanges will be pure crypto exchanges.
The financial authorities in South Korea have also distributed guidelines for the closure of companies to the cryptocurrency industry. Excesses must inform users at least seven days before the deadline about the expected final date and the opportunity to withdraw their money. You must also provide a window of at least 30 days from the final date so that users can withdraw their money. According to reports, the Korean authorities also monitor crypto exchanges that are likely to be closed to make sure that they return money to customers.
What do you think of the 28 crypto exchanges that meet the regulatory requirements? Let us know in the comment area below.
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